Millennials - Our Newest Generation of HomebuyersPosted June 29, 2014

Call them Generation X or Millennials, they are the generation born between the early 1980s and early 2000s who are now our current, as well as future, adult homebuyers. (I'm feeling a little older right about now). These increasing numbers are great news for the housing market as well as our economy. The annual Harvard's Joint Center for Housing Studies' reveals that households in their 30s will increase over 2.5 million between 2015 and 2025.

Because of the housing bubble in 2006 and subsequent recession of 2007-08, this group has been at a disadvantage when it comes to being able to enter the housing market. Coupled with other factors that could also affect their ability to buy a home such as Student loan debt and the economy’s flat wage growth, Millennial had no choice but to wait patiently.

Now with the economy's slow but steady recovery, combined with the Millennial aging out of young adulthood and establishing growing families of their own, the time is right for them to begin entering the housing market in higher numbers.

As you already know, this will be a savvy group, with a definite picture of what they want in a starter home and what they can afford to spend on that home. If you know a Millennial who is thinking about purchasing a home, direct them to our Keaton Barrow Realty website. We provide a variety of useful information pertaining to the home buying process.

A home buyer who is knowledgeable as well as prepared will definitely save themselves time and money.